COVID-19: Zara owner to shut down 1,200 stores mostly in Asia and Europe
Zara owner, Inditex announced that’s its permanently closing as many as 1,200 stores - 16 per cent of it's outlets worldwide - as the world's largest fashion retailer plans to double down on e-commerce.
As part of its post-coronavirus strategy, Zara will invest approximately $1.13 billion, in digital and $1.93 billion, in store expansion.
Store closure will most likely take place in Asia and Europe, with factories being shutdown as well.
Inditex experienced a net loss of US$465 million in the February to April first quarter.
Major clothing retailers from H&M to Gap have also reported an intense drop in sales as shoppers quarantine during global lockdowns to stop the spread of the coronavirus.
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